Real Estate News

24.03.2008 Infestation for 64 million euros in the first Business Park in Plovdiv

Praim Property BG ADSIC invested 64 million euro to be build the first Business park in Plovdiv.This park will include four or five storey modern buildings with offices and market areas, underground parking places ,restaurants and supermarkets.
The land where will be construct the park is 48 682 sq.m and the total area is 110 000 sq.m. At this time the company is preparing the premeditated project who foresee functional buildings.
A lot of companies , the most of them foreign, will put their offices in this first Business park in Povdiv.
Important premise for good development is the correctly choice of the place where will be build the park. It will locate in Trakia region- one of the biggest quarter in Plovdiv. Other premise for well development is the university tradition.
The universities will provide the number of good skilled employees, necessary to the companies which are going to rent places in the park.
At the moment Plovdiv disposed with industrial parks and smaller complexes which include and house areas. This park is designed for administrative aims. Similar complexes are going to be build in another biggest cities in our country Bulgaria.
Prime property is the first stockholder's association with special investment aim in Bulgaria. It invest in construction and selling of properties, rent of houses, offices and market places in Sofia and all over the countre.
The holding has 8 projects with total value of around 180 million euro. In the future Praim Property BG is going to invest in the flowing project about 25 million euro.

22.03.2008 Another Israeli multi-purpose project to tower over Sofia’s western areas

Roslin Park, the first residential project of Israeli-based Pritzker Group in Bulgaria, will be situated in Sofia’s Lyulin neighbourhood, at the junction of Petar Dertliev Blvd and Pancho Vladigerov Str, including 28 eight-floor apartment constructions with a total built-up area of 65 000 sq m, which will spread over 30 000 sq m plots of land.
The plot was gained between 2004 and 2006, the company reported The Sofia Echo.
The project includes 550 apartments with sizes between 60 and 220 sq m and prices hovering in the 735-880 euro a sq m price range.
Roslin Park will be a semi-gated composite offering 24-hour security services and video monitoring, a fitness hall, sauna, kindergarten, beauty parlour, supermarket and a number of shops. A big chunk of the space has been allocated for green territories.
The first phase of the project, which comprises eight residential constructions with a total of 150 apartments, is scheduled for completion in May 2009. About 85-90 of these units have already been sold to residents from Lyulin and the neighbourhoods nearby .
Itzhak Pritzker present the investor in the project, IP Bulgaria 2005 Ltd. The building company is AT Engineering 2000, architectural design was done by Atanas Panov, and financing has been secured through a loan from United Bulgarian Bank .
The Pritzker group of companies is an international company that started in the building of residential apartments in 1961. Over the years, the company has consolidated its position as one of the biggest and most respected developers in Israel, having erected thousands of housing units, some of the costly and luxurious shopping centres, office buildings and residential compounds in Tel Aviv, Jerusalem and Haifa.

21.03.2008 Business center will be built in Krivna village near Sofia

Business center with offices and stores will be built in Krivna village close to Sofia.
The terrain, where it will be built, spreads over 20000 sq. m. plot of land. A detailed structure plan is already introduced in the municipality by the Fund and it have to be voted till the end of the month.
Bulgarian Property Development will form an infrastructure around the business center.
Except this terrain, the Fund owns other 92000 sq. m. land on the ring-road passed along the Krivna village and other 88000 sq. m. in the quarter “Hladilnika” , where probably will be built business and office areas.
In the region of the airport, the company own two plots. The one of them is 23000 sq. m. big and the other 14000 sq. m. There will be realized offices and stores.

20.03.2008 Unfinished office building for 17.5M euro sells by Bulgaria Property Fund

Bulgaria Property Fund has finished a preliminary contract for the sale of an office building on Sofia’s G.M. Dimitrov Boulevard for 17.5 million euro, excluding value-added tax, to be paid in instalments tied to the stage of completion of the construction, Dnevnik daily announced.
The purchaser is Bridgecorp, the current owner of Landmark’s real estate portfolio, which, in turn, was sold to Alfa Developments only two days ago.
It is not yet clear whether the Bulgaria Property Fund’s building, a subject of the yesterday’s transaction with Bridgecorp, was embrased in the aforementioned sale of Landmark’s property portfolio as of two days ago, Dnevnik daily reported.
The business construction, with a total built-up area of 13 000 sq m, is at present under construction. It will feature 10 storeys of office units and a two-level subterranian parking. Completion is due at the turn of next year, BPF said Dnevnik daily.

19.03.2008 Building sector to increase steadily over the next 4-5 years

Bulgarian building sector would grow by an annual 12 to 15 per cent over the next four or five years, as long as the Government succeeds in providing an sufficient regulatory framework that would benefit everyone - from large investors to end-consumers, representative regional development minister Savin Kovachev told, as quoted by Stroitelstvo Gradut weekly.
Sofia attracted about half of Bulgaria’s foreign direct investment and generated 30% of its gross domestic product , architect Atanass Tossev, who is a member of Bulgaria’s Chamber of Architects’ managing board, told. The capital should not try to centralize all production and human resources, though, he added. Regional governor Todor Modev declared the authorities’ firm decesion to work toward decentralisation and relocation of energy-and labour consuming industries beyond Sofia’s boundaries.
Bulgaria’s construction sector accounted for 7% of the country’s GDP in 2006, with 4 000 operational companies on the market. In last yeras, the market has seen a 12-15 per cent constant rise in the volumes of construction works. The trend will stay unchanged over the next 4-5 years, according to the forecasts of Bulgarian Construction Chamber, quoted by Stroitelstvo Gradut.
Prices of building materials, which have growth by 12.6 per cent in 2007, will be a decisive factor for the companies’ expediency. The main reasons behind the global real estate price hikes, were the rising prices of constructing materials and the domestic increase in the costs of building services, Stroitelstvo Gradut told.
Investment in building amounted to 42 per cent of the total volume of investment in the country for 2007. Analysts predict grew activity in industrial, retail and entertainment developments in the upcoming couple of years.

18.03.2008 Agricultural Land In Bulgaria Costs Between 200 and 300 Leva per Decare

Agricultural land in Bulgaria costs between 200 and 300 leva/decare for smaller lots, according to top execs from four of the most active Bulgarian companies in the sector.
Veselin Petrov, executive director in Bulgarian property company told that the average price added some 20% in the past year to 200-280 leva.
Larger lots (over 1,000 decares) are 30% more expensive. “There are plots in the area of Dobrich, for which buyers are paying more than 500 leva/decare,” he added.
Radoslav Manolov, executive director in a company, said the average price per decare currently tops 300 leva. In his opinion, the price level this year will come to 20-30%.

17.03.2008 Greek fund purchased Carrefour in Sofia for 200 million euro

French retail collossus Carrefour sold its development, which is at present being constructed on Sofia’s Tsarigradsko Chausse Blvd, to Greek fund Assos Capital, for roughly 200 million euro, Alexandros Papageorgiou, the new fund's managing director, told in a statement.
This is the biggest transaction in Bulgaria’s property sector since the begining of the year and second-biggest re-sale in the segment, topped by Landmark’s sale for 210 million euro, but forward of the 180-million deal for Business Park Sofia.
Carrefour’s transaction embraces the land and the purchaser's commitment to invest in the completion of the adjoining commercial centre, which now at its initial constructing phase.
The world’s second-largest retail chain will keep the ownership of the 14 600 sq m hypermarket, situated in the mall. Colliers, the exclusive agent of the retail composite has already secured 70% occupancy. A major stake in renting out the location falls to Carrefour’s partner - Greek company Marinopoulos, which holds the rights to Marks&Spencer and Starbucks for Bulgaria.
The mall spreads over 66 000 sq m, will have 200 shops, restaurants, a multiplex cinema and a bowling centre. Several office constructions, which are not a part of the deal with the Greek fund, will also be share of the compound.
The investment in the retail and office complexes amount to 200 million euro, according to the French executive’s initial valuation, announced last autumn.
This year, in Bourgas will be opened of the first Carrefour hypermarket in Bulgaria. It will be smaller in size than the Sofia one. The project of the French retailer is to open about 20 hypermarkets in Bulgaria.

15.03.2008 Plovdiv property prices to add 15 per cent in 2008

The city of Plovdiv now covers second place in terms of the number of real estate deals, according to a chart compiled by the Varna. The number of deal in Bulgaria's second largest city reached 20 000, versus 18 000 in Varna, where the market is considered much more dynamic and the number of deals is normally above the country's average.
The combined area of transacted real estates in Plovdiv topped 100 000 sq m. That figure is expected to double in 2008, Dnevnik daily reported on March 14.
Plovdiv also outpaced all other big cities in terms of downtown real estate prices with a 61 per cent increase last year. Rent rates in the city rose 18 per cent on average versus five per cent for Sofia and Varna.
Plovdiv office real estate prices added 32.2 per cent in 2007, which compares with 28 per cent for Sofia. Around 55 000 sq m of retail space was placed on the Plovdiv market last year with another 300 000 sq m scheduled for delivery this year.

14.03.2008 Funds turn to developing own projects

The Eastern European property sector on the London Stock Exchange's alternative investment market was so intricate, it could be "deemed a specialist subject on mastermind," Investors Chronicle magazine announced in an article named Broken Eastern promises.
There were too many firms on the market, frequently with confusingly similar names, and many more that have vanished without a trace after failing to increase capital.
"For every one that made it to the market, there's at least four that were stillborn," Blue Oar Securities' propery analyst Ian Wild said, as quoted by Investors Chronicle.
About nine billion pounds sterling have been increased on alternative investment market for property since 2005, mostly for for overseas property funds. Of the total 12.25 billion pounds sterling current market capitalisation, those focused on eastern Europe accounted for 17% , according to the announced.
In the early days, investors bought into property funds targeted at emerging economies with booming gross domestic product growth that was awaited to not only attract business, but also fuel consumer and residential demand.
Settled developers, such as Dawnay Day Carpathian, Plaza Centers and Atlas Estates, which have projects spread over the region, had little to dread of about, since they had assets where development had been completed. But for newcomers looking for money to fund their projects, starting a tandem listing in a local market could become a new trend, the magazine forecast.

13.03.2008 FIRST BULGARIAN ECHO HOTEL IN GABROVO RIGION IS COMING IN 2009

In the beginning of 2009 will be open Bulgaria’s 1th eco-hotel, in line with the relevant EU standards. This was declared on the Ecohotel conference held in Sofia through Denimila Dencheva- senior specialist with the Ministry of Environment and Water Affairs.
There were lots of of tourism facilities in Bulgaria that put the word “eco”, when give an account of the services they propose. Some of them have assumed diverse documents, while others use the symbol without any authorisation. This was announced by Dnevnik on March 13.
The chief defiances facing Bulgarian business trying to comply with environmental standards was the supreme cost of eco facilities, the want of sufficient information on certification systems and criteria and of the economic advantages from eco tractability, Zornitsa Stavreva, executive managing director of the Bulgarian Association for Alternative Tourism, was adduced by Dnevnik daily as saying.
Investigation by the World Tourism Organisation presented Bulgaria would have around 10 EU- flexible eco-hotels by 2020.
Businesses looking to secure an eco document must , carry out 37 obligatory and 47 discretionary criteria, inclusive a replaceable energy share in overall power use of 22 per cent and a limit of 12 liters per minute on the water discharge from taps and showers .

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